The Canada Pension Plan Investment Board sold its 45 per cent ownership interest in a Manhattan office tower to a global institutional investor for almost $1.4 billion in December.
The 50-storey office building, 1221 Avenue of the Americas, is part of the Rockefeller Centre complex in midtown Manhattan.
“Valuations in the Manhattan office market have increased significantly since our acquisition of 1221, and we feel this is an opportune time to monetize our position in the property,” said Hilary Spann, managing director, head of U.S. real estate investments at the CPPIB.
“Manhattan remains a target market for us, and we continue to pursue new investment opportunities here and in other key U.S. real estate markets.”
As of Sept. 30, 2016, the CPPIB’s investments in U.S. real estate totalled $15.1 billion.